Saturday, 1 July 2017

Etisalat Chairman, Hakeem Belo-Osagie resigns after banks’ takeover

The Edo State born Nigerian business man is said to have  resigned from the telecomms company he helped grow after recent moves by some banks to take over the company. The resignation is said to be effective immediately. According to sources.....

“Although the chairman had planned to leave immediately the banks made the take-over move, he opted to tarry until a road map for the company was finalised. The timing of the resignation was strategically delayed till now when stakeholders have agreed a plan and comes more than a week after Mubadala Development Company directors tendered their resignation.”

“The development also reflects Mr. Bello-Osagie’s deep commitment to protecting the interest of all stakeholders. It is now expected that Etisalat Nigeria under its new shareholding structure will navigate through its current loan repayment challenge with minimum impact.” “Over the last several months, the chairman has worked extensively with critical stakeholders to prepare clearly articulated strategies and robust road maps that will mitigate the impact of the new shareholding restructuring and realignment on the operations and management of the 4thlargest telecoms player in Nigeria.” “With this development, the new board will assume control of Etisalat.

Mr Bello Osagie previously headed Nigerian Bank, UBA.

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